I-Tech, a Göteborg, Sweden-based company that is developing a new substance to avoid fouling (algaes, animals) on boats and ships, has closed a SEK15m funding.
Investors include Almi Invest Västsverige, Volvo Technology Transfer, Mintage Scientific and Aquamarine Ltd.
The company intends to use the funds to commercialize its product Selektope®, a substance developed to avoid fouling of barnacles and other shell forming animals on boats and ships with little interference with marine life. Founded in 2000 and led by CEO Per Jansson, I-Tech has filed an application with the EU chemical authorities for Selektope® use in bottom paint for ships and boats.
The approval, which is expected for the fourth quarter of 2011, will enable the company to expand in Europe and USA. Customers include large paint companies.
Volvo Penta has acquired the commercial rights to the technology for the leisure boat market.